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Neptune Insurance reports record Q2 results on growth in renewal portfolio
Revenue rose to a record $55.9 million, while written premium increased 31% to $126.9 million and policy retention at renewal climbed to 86%.
Florida-based flood insurance group Neptune Insurance Holdings Inc., parent of Neptune Flood, reported record financial results for the second quarter of 2026, citing revenue growth of 33% and a 36% rise in net income year over year.
Revenue reached a record $55.9 million, supported by continued growth in the renewal portfolio and higher commission income as a percent of written premium. The company also pointed to record new business sales, including expanded use of technology tools for agents, higher NP adoption after a Q4 2025 government shutdown, and product enhancements, while noting that a slow real estate market and below average storm activity in 2025 weighed on opportunities.
Net income rose to $15.8 million, translating to a 28% net income margin. Neptune also reported adjusted net income growth of 55% to $22.6 million, and adjusted EBITDA growth of 36% to a record $34.5 million at a 61.7% margin, with the adjusted metrics affected by factors including normalized commission expense and changes in commission income as a percent of written premium.
Neptune said written premium increased 31% to a record $126.9 million, and renewal policy retention improved to 86%. The company attributed performance to continued expansion of its distribution network and agent engagement, alongside technology updates including product launches, redesigns of its agent portal and quoting experience, and a new machine learning model in underwriting, while it reported a lifetime written loss ratio of 19.5%.